Keep Your Enemies Closer
At times, you may not be the best option to meet a particular customer’s needs or you may simply be unable to meet demand. In these cases, you might need to work with a competitor. This relationship will enable you generate revenue from customers who otherwise would have gone un-served and may lead to ongoing customer relationships. Ideally, your competitor will reciprocate upon facing similar challenges.
Trade associations are, to a degree, built on the shared knowledge and relationships of competitors. The shared challenges and opportunities faced by similar businesses can help your business overcome obstacles to growth. Relationships built through trade associations can help with the identification of new market segments and open new geographic markets.
Local chamber of commerce and other networking events are great mechanisms for meeting and building relationships with your competitors. Even non-competitors in attendance can be valuable sources of information on competitors and on issues impacting all businesses in your area.
Developing relationships that benefit you and your competitors can help promote business growth, reduce competitive threats, and help your business overcome major obstacles. When building relationships or partnering with competitors.
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